tl;dr
Anthony Scaramucci’s SkyBridge Capital plans to tokenize $300 million in assets on the Avalanche blockchain, potentially increasing real-world asset trading on Avalanche by 160%. The tokenization involves two SkyBridge funds, including cryptocurrency investments and venture capital stakes, totaling ...
Anthony Scaramucci’s SkyBridge Capital has unveiled plans to tokenize $300 million worth of assets on the Avalanche blockchain. This initiative is expected to increase the volume of real-world assets (RWA) traded on Avalanche by approximately 160%. Scaramucci, previously a Goldman Sachs fund manager and a vocal Bitcoin proponent, forecasted in October 2023 that Bitcoin, then under $30,000, could potentially soar to $700,000.
The tokenization plan encompasses two SkyBridge funds: one directly investing in cryptocurrencies like Bitcoin, which the SEC does not classify as securities, and a “fund of funds” comprising venture capital stakes and additional crypto assets. Together, these funds represent about 10% of SkyBridge’s $2 billion in assets under management.
At the Wyoming Blockchain Symposium, Scaramucci emphasized the importance of whether tokenization can surpass existing financial systems. He affirmed that history supports the adoption of better technology despite initial resistance.
SkyBridge will collaborate with Luxembourg-based Tokeny, a specialist in digital securities, to implement this shift. Avalanche, a layer-1 blockchain securing nearly $1.9 billion in total value locked, has become a prominent platform for real-world asset projects. Current data shows Avalanche hosts $188 million in tokenized RWAs, ranking 12th among blockchains.
Ava Labs President John Wu welcomed SkyBridge’s move, highlighting its potential to bring traditional finance on-chain, reducing costs and enhancing efficiency. Avalanche’s native token, AVAX, trades near $22.50, supported by the blockchain’s speed, low transaction fees, and institutional partnerships, making it an appealing platform for digitizing traditional assets. Despite these positive developments, AVAX noted a dip of over 5% the previous day.
Scaramucci’s commitment to cryptocurrency innovation persists despite ties to the now-defunct FTX exchange. His firm launched the SkyBridge Bitcoin Fund LP in 2020 following a $182 million investment in Bitcoin. He predicts that 2026 and 2027 will mark the “age of real-world tokenization.”
For Scaramucci, the $300 million tokenization initiative is more than a strategic pivot; it positions SkyBridge among institutions—both traditional and crypto-native—competing to bring assets like Treasurys and real estate on-chain. “This is the beginning of a new era,” he proclaimed.